March 28, 2023

Dmitry Medvedev said the need for regulation of crypto assets in Russia

Russian Prime Minister Dmitry Medvedev said the need to create a regulatory framework for regulation of digital assets in the country.

This was announced by Medvedev at a meeting with the chairman of the board of the joint-stock company Rosgeologiya Sergey Gorkov.

Gorkov suggested that asset tokenization andthe use of digital currencies could increase investment in exploration and contribute to the introduction of the latest technology in this industry. The chairman of Rosgeology expressed the hope that in the near future Russia will adopt a law on the regulation of digital assets.

In turn, Dmitry Medvedev noted thatMany states have already begun to regulate tokens, so Russia must also "keep up with the times." However, this requires careful consideration not only of the benefits, but also of the negative consequences for the country.

Earlier, Medvedev has already instructed the MinistryFinance and the State Duma to adopt the law "On Digital Financial Assets" before November 1, 2019, but in October, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that the responsible departments did not have time to adopt this law by the deadline.

Last year, Dmitry Medvedev stated thatregulation of the digital sphere, including the blockchain, should not be excessive so as not to “push” the latest technologies that can change the future into a rigid framework.